My assumption about portfolio results are the following: if we make 20 seed investments, 2 could be highly successful, 8 will be boring survivors (returning little) and 10 will totally fail. Is that ratio in line with typical seed results? If not, what do you believe is more typical?
A typical return on a 20 company portfolio may have 1 to 3 venture style exits if the manager is strong. There may be another few portfolio companies that get a multiple, and the rest are either a wash or a loss.